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 También puedes leer este artículo en español, Lo que hay que saber al comprar una casa.

At first glance, the future looks bright for Latino homebuyers. The 2023 State of Hispanic Homeownership Report from The National Association of Hispanic Real Estate Professionals projects that 70% Of New Homeowners Will Be Hispanic By 2040. That makes them the only racial or ethnic group expected to see increased ownership rates.

An Urban Land Institute report shows that in 1990 just 7.3% of households under 65 were Hispanic, but that is expected to exceed 20% by 2040. However, first-time Latino homebuyers often confront unique barriers, including a mortgage system that values traditional employment and credit scores, language barriers, lack of documentation and trust issues.

Know your banker — Creating a relationship with a personal banker, asking questions and setting financial goals can provide an understanding of your personal finances and break down barriers of mistrust. 

Know your numbers — Know your credit score, control daily expenses, make sure you’ve saved enough to cover your first two or three mortgage payments and refrain from spending more than 30% of your income on mortgage payments. For a free credit report, visit annualcreditreport.com/index.action. A free budgeting worksheet can be found at consumer.gov/content/make-budget-worksheet.

Know your resources — Your local banker can provide guidance, tools and access to resources and programs. Arkansas Development Finance Authority (ADFA) down payment assistance programs can help you cover the cost of a downpayment and closing cost with a few different programs for up to $15,000. Programs can be found at homeloans.arkansas.gov. For those who lack documentation like a social security number, Becker says some banks offer loan programs that allow people to use their tax identification number known as ITIN.

Know to ask — Many first-time homebuyers feel they must contact the listing agent, but more real estate companies are employing bilingual agents. You can ask your Realtor if they have an agent who speaks Spanish, which can help avoid misunderstandings that can lead to unpleasant surprises during the homebuying process.